You Can Get a Reverse Mortgage Annuity If

question 6

Multiple Choice

You can get a reverse mortgage annuity if:

• A)you are willing to sell your house immediately.
• B)you buy a new home and pay only a minimal down payment.
• C)your mortgage is largely or completely paid off.
• D)you owe more in monthly mortgage interest than the annuity amount.
• E)you are willing to allow your principal mortgage balance to increase monthly.

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Definitions:

Counteroffer

An offer made in response to another offer, essentially rejecting the original offer and presenting new terms for negotiation.

Market Value

The present cost at which a good or service is available for purchase or sale in a marketplace.

Offer

A proposal by a party to enter into a contract with another party, specifying the terms by which they are willing to engage in a transaction.

Business Entity Concept

An accounting principle that treats a company as an entity separate from its owners or shareholders for recording and reporting purposes.